Aigang is a blockchain protocol for digital insurance. It provides insurance for the internet of things (IoT) through the use of DAO and smart contracts. Here’s our Aigang review.
What Is Aigang?
As the internet of things grows, the technology around IoT needs to grow as well. Aigang plans to make insurance for the IoT ecosystem through the use of a decentralized autonomous organization (DAO) and smart contracts.
Aigang’s digital insurance system is so easy to use, that you download it just like you would download any other app.
The Aigang app is available today for iOS and Android, where the platform is running on a testnet (do not send your digital tokens to addresses seen in the app, or they will be lost).
There are no long-term Aigang contracts, and you can cancel any time. In case of any fault, you’ll receive a payout instantly with no questions asked. Payouts are delivered through the use of smart contracts.
Aigang’s first insurance product is a type of battery insurance for your phone. You sign up, then receive a payout in the event your device’s battery fails during the term of your contract.
How Does Aigang Work?
Accessing Aigang digital insurance is as easy as downloading the Aigang app for iOS or Android.
The insurance platform is built on the Aigang Protocol, which uses smart contracts. The smart contracts make up the foundation of the Aigang ecosystem, making insurance possible without any intermediaries. At any time, you can get insured while also investing in insurance. The choice is yours.
The core feature of Aigang, at the moment, is to insure your phone’s battery (although the app is currently running on a testnet with no money involved). The app’s system is designed to showcase the possibilities of the Aigang protocol while testing out the seamless, user-friendly design.
As mentioned above, Aigang has no long-term contracts. You can cancel at any time. Users receive their first month free. In the case of fault, you’ll receive the payout instantly with no questions asked.
Aigang offers all of the following features:
Aigang’s Smart Policy plans to form the basis of the insurance DAO and eventually govern the operation of the DAO. This Smart Policy will automatically perform crucial operations, including issuing new policies, handling claims, and distributing profits.
Pricing And Risk Premium:
In the case of digital insurance protocol, the insurance product can be bundled with the IoT device by default. Or, acceptance can be verified by checking a list of required conditions (performed by smart contract algorithms). The protocol could connect, using oracles based on smart contracts, to external data sources if required in order to verify any conditions.
In the case of insurance as DAO, P&L is calculated and released instantly. Blockchain technology updates capital positions continuously versus in traditional insurance, the profit is released from technical reserves and transferred to free reserves only at the end of the given accounting period.
Digital Insurance For The Internet Of Things (IoT):
Your smartphone battery is just the first insurance product offered by Aigang. Aigang plans to make insurance available for the internet of things (IoT), which includes all types of smart devices.
Powered By Ethereum:
Aigang’s battery insurance is fueled by Ether (ETH). You can pay, get paid, and invest through ETH.
Invest & Profit:
Invest and provide insurance for others. Aigang’s P2P network is built by the community for the community.
Personalized Insurance Offers:
Instead of paying overpriced offers, you can pay based on the health of your battery (or whatever IoT device you’re using).
Get Payouts Instantly:
If your battery gets damaged, you instantly receive a payout through Aigang. You can use that payout to buy a new battery.
How Does Aigang’s Digital Battery Insurance Work?
Aigang’s first product is a type of digital insurance for your mobile device battery. If your mobile device battery fails while you hold Aigang’s digital insurance, then you’ll receive compensation. Here’s how it works.
Aigang’s digital insurance platform automatically sets the risk group without any human interference. This bulletproof system is based on mathematical algorithms that assess risk. Digital insurance picks up this data from devices in real-time, and can give you the best price available at the moment based on real life results. The price premium could be lower or higher, but the DAO promises to provide the best price equilibrium for both the insure as well as the insurance provider.
Getting insurance is as easy as downloading the Aigang app. As soon as you download the application, you can automatically accept the policy. Smart contracts allow you to accept the policy, so your insurance doesn’t need to be signed by hand.
To ensure you’re getting a fair deal, you can also track the health of your IoT device. Let’s say there’s some tech spec behind-the-scenes that makes your battery really healthy – or really likely to break. The DAO knows this, but you don’t – until you check the battery health portion of the platform.
In terms of DAO P2P insurance, the payouts are instant. Insurance providers can add their investment and instantly make the payout claimable. There’s no delay due to reserve-to-be-met, since the capital is already there. That makes payouts instant.
Aigang Network was formed in 2017 to research and develop prototypes for digital insurance built on, and powered by, blockchain technology.
Key members of the team include Reda Markeviciute (Insurance Product & Policy), Aidas Ignatavicius (Chief Actuary), Lukas Kairys (Smart Contract Developer), Augustas Staras (Business Development), Jonas Matkevicius (Marketing Manager), Darius Devenas (Full Stack Devleoper), Mindaugas Jucius (iOS Developer), and Naglis Zemaitis (Android developer).
The company is based in Lithuania, and most of the company’s team listed above appear to be from Lithuania.
Aigang is creating a new insurance platform for our IoT world. It’s an automated insurance platform built using DAO and smart contracts. Aigang will create a world where we don’t need humans to manually review policies. Instead, Aigang’s advanced DAO will analyze claims and charge policies based on its assessed information.
You can learn more about Aigang today at Aigang.network.